- December 27, 2021
- Posted by: Stratford Team
- Category: Business
Prospects of a consumption-led recovery, however, are clouded by uncertainties around the Omicron variant.
Japan’s retail sales rose faster than expected in November, thanks to decreasing COVID-19 cases in the month, which have encouraged shoppers to ramp up spending on goods and services.
To support the economy, the government on Friday approved a record $940bn budget for fiscal 2022, including cash payouts to families and businesses hit by the pandemic.
Prospects of a consumption-led recovery, however, are clouded by uncertainties around the new Omicron coronavirus variant, which started to spread in the community last week in Japan’s largest cities.
“So far, consumers haven’t been too concerned with the Omicron as foot traffic data still shows increase,” said Masato Koike, senior economist at Dai-ichi Life Research Institute.
The government said last Thursday it was not considering immediate changes to domestic COVID-19 restrictions due to…
